HNB Assurance group makes strong start to 2024

HNB Assurance PLC (HNBA) kicked off the year 2024 on a remarkable note, showcasing robust performance in the first quarter. 

For the first quarter (1Q) HNB Assurance posted a Gross Written Premium (GWP) of Rs. 3.3 billion while HNB General Insurance recorded an impressive Rs. 2.9 billion.

“During Q1 of 2024, our GWP once again surpassed last year’s performance by an impressive 13 percent, reaching a total of Rs. 6.2 billion. Additionally, as a group, we expanded our total assets by Rs. 4 billion, reaching a milestone of Rs. 55 billion,” said HNBA and HNBGI Chairperson Rose Cooray.

The Financial Investments portfolio increased to Rs. 46 billion from LKR 43 billion when compared to the same period last year. 

Life Insurance business achieved 14 percent growth, reaching Rs. 3.3 billion in GWP which included a New Business Premium growth of 34 percent against an industry growth of 24 percent and a long term Endowment growth of 23 percent against an industry growth of 15 percent.

Life Insurance Fund exceeded Rs. 2.5 billion to reach Rs. 33 billion during the first quarter.